Truist Financial Corp Purchases 43,433 Shares of Pentair plc $PNR

Truist Financial Corp increased its position in shares of Pentair plc (NYSE:PNR) by 287.4% during the third quarter, Holdings Channel.com reports. The institutional investor owned 58,548 shares of the industrial products company’s stock after purchasing an additional 43,433 shares during the period. Truist Financial Corp’s holdings in Pentair were worth $6,485,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the company. Richardson Financial Services Inc. increased its stake in shares of Pentair by 64.9% during the 3rd quarter. Richardson Financial Services Inc. now owns 249 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 98 shares during the last quarter. Wedmont Private Capital grew its holdings in Pentair by 2.7% during the third quarter. Wedmont Private Capital now owns 3,906 shares of the industrial products company’s stock worth $432,000 after purchasing an additional 101 shares during the period. Portside Wealth Group LLC increased its position in Pentair by 2.9% during the second quarter. Portside Wealth Group LLC now owns 3,644 shares of the industrial products company’s stock worth $374,000 after buying an additional 102 shares during the last quarter. Greenwich Wealth Management LLC raised its stake in Pentair by 1.4% in the second quarter. Greenwich Wealth Management LLC now owns 7,223 shares of the industrial products company’s stock valued at $742,000 after buying an additional 102 shares during the period. Finally, Captrust Financial Advisors lifted its position in shares of Pentair by 0.3% in the second quarter. Captrust Financial Advisors now owns 38,135 shares of the industrial products company’s stock valued at $3,915,000 after buying an additional 107 shares during the last quarter. Institutional investors and hedge funds own 92.37% of the company’s stock.

Insiders Place Their Bets

In related news, Director T Michael Glenn sold 6,558 shares of the business’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $104.33, for a total value of $684,196.14. Following the completion of the transaction, the director owned 31,192 shares of the company’s stock, valued at $3,254,261.36. The trade was a 17.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Robert P. Fishman sold 7,786 shares of the company’s stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $105.42, for a total transaction of $820,800.12. Following the sale, the chief financial officer directly owned 63,164 shares of the company’s stock, valued at $6,658,748.88. This represents a 10.97% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 1.10% of the company’s stock.

Pentair Stock Up 0.3%

Shares of PNR opened at $105.64 on Tuesday. The company has a current ratio of 1.46, a quick ratio of 0.82 and a debt-to-equity ratio of 0.42. Pentair plc has a 12 month low of $74.25 and a 12 month high of $113.95. The firm’s 50 day moving average is $105.11 and its 200-day moving average is $106.58. The stock has a market capitalization of $17.29 billion, a PE ratio of 26.81, a P/E/G ratio of 1.85 and a beta of 1.22.

Pentair Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 6th. Shareholders of record on Friday, January 23rd will be issued a $0.27 dividend. The ex-dividend date of this dividend is Friday, January 23rd. This represents a $1.08 annualized dividend and a yield of 1.0%. This is a boost from Pentair’s previous quarterly dividend of $0.25. Pentair’s payout ratio is presently 27.41%.

Analysts Set New Price Targets

A number of research firms recently weighed in on PNR. Barclays cut Pentair from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $127.00 to $115.00 in a research note on Thursday, December 4th. JPMorgan Chase & Co. dropped their price objective on shares of Pentair from $132.00 to $124.00 and set an “overweight” rating on the stock in a research report on Friday, January 16th. TD Cowen downgraded shares of Pentair from a “buy” rating to a “market perform” rating in a report on Monday, January 5th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Pentair in a research note on Thursday, January 22nd. Finally, UBS Group increased their price target on shares of Pentair from $120.00 to $124.00 and gave the company a “buy” rating in a report on Wednesday, October 22nd. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, Pentair presently has a consensus rating of “Moderate Buy” and a consensus price target of $117.47.

Pentair Company Profile

Pentair plc (NYSE: PNR) is a global provider of water treatment and fluid management solutions. The company designs, manufactures and sells a broad range of products that move, treat, monitor and control the flow of water and other fluids across residential, commercial, industrial and municipal markets. Pentair’s offerings are focused on improving water quality, conserving resources and enabling efficient fluid handling in applications from household water systems and pools to large-scale industrial and municipal installations.

Product lines include pumps and pumping systems, water filtration and purification equipment, valves and controls, heat exchangers, pool and spa systems, and a range of aftermarket parts and services.